Unicredit Leasing has securitized receivables originating from leasing for a total amount of approximately 1,3 billion euro. For 715 million, these are three tranches of class A, while the other 585 are of an unrated tranche and repurchased by the issuer.
The Bank specifies that the operation is divided into various tranches: A1 of 90 million, with an expected average life of 2,7 years, purchased by Kfw and guaranteed by the European Investment Fund; A2 of 400 million, expected average life of 3,6 years, subscribed by the EIB; A3 of 225 million, average life of 3,6 years, subscribed by SocGen and Unicredit. All three class A tranches are rated AA+ by Fitch and A2 by Moody's.
The securitization also includes junior tranche B of 585 million, without rating, subscribed by Unicredit Leasing itself. The operation - explains the note - is part of the initiatives that the EIB and its European Investment Fund carry out in support of small and medium-sized Italian enterprises. The resources obtained will be "used by Unicredit Leasing for further financing to small and medium-sized Italian enterprises at favorable conditions".
